Vocabulary Take 1
An approach to set the prices of products or services is called a .....
What is a pricing strategy?
_________ segmentation is when you sent different prices based on the location of the customer.
What is geographic segmentation?
Which of these is an example of segmenting by age?
a) Designing a toy aimed at young children
b) Designing an expensive product
c) Designing a product that's aimed at women.
What is designing a toy aimed at young children?
Which pricing strategy sets prices based on production costs and a desired profit margin?
What is Cost Plus/Based Pricing?
In the movie Elf, we saw the following product placement except:
a) Coca Cola
b) Pop Tarts
c) Charmin's Toilet Paper
d) Etch a Sketch
What is Charmin's Toilet Paper?
If you are looking for an investment of $100K for 10% interest in you company. You believe your company is worth $1.0M which is called the ________
What is valuation?
To encourage customers to buy multiple products by offering discounts .(hint: think cable companies)
What is bundle pricing?
Segmenting the market based on geographical areas like cities, regions, or countries is known as this.
What is geographic segmentation?
If a product is priced at $19.99 rather than $20.00 the pricing strategy being used is .....
What is odd/even pricing?
Trade shows are a way for what type of Promotional Strategy?
What is Personal Selling?
____________ is when you have a single marketing strategy to reach all of its consumers.
What is mass marketing?
Setting a low initial price to gain market share quickly is referred to as __________
What is penetration pricing?
This segmentation type focuses on dividing customers based on their lifestyles, interests, values, and opinions
What is psychographic segmentation?
This pricing strategy involves setting prices lower than competitors to attract customers
What is penetration pricing?
Process of making product or service available for consumer or busines.
What is a Distributor?
The U.S. Census Bureau helps identify _________ characteristics on the population of the U.S.
What is demographics?
A business must have a specific _________ to focus their goods or services on in order to achieve profitability.
What is a target market?
Companies often use this method of segmentation to identify customers who are most likely to purchase based on past buying patterns or loyalty.
What is behavioral segmentation?
A strategy where companies set high initial prices to maximize revenue before gradually lowering them is called this.
What is price skimming?
An activity designed to present a favorable image toward a business, products or policies to influence a target audience.
What is Public Relations?
The division of a market into distinct groups of buyers who have different needs, characteristics, or behavior who might require separate products or marketing mixes is called........
What is market segmentation?
If you are a consumer who goes to the gym daily , frequents Starbucks, and loves to do some serious online shopping. These characteristics fall under __________ segmentation.
What is psychographic segmentation?
This type of market segmentation divides consumers based on age, gender, income, and education level.
What is demographic segmentation?
This pricing strategy adjusts prices based on real-time demand and supply, often seen in industries like travel and hospitality.
What is dynamic pricing?
Trademarks , Copyrights and Patents are all examples of...
What are Intellectual Properties?